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installment plan

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noun
  1. a system for paying for an item in fixed amounts at specified intervals.

Origin of installment plan

First recorded in 1875–80
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018
British Dictionary definitions for installment plan

installment plan

esp Canadian instalment plan

noun
  1. US and Canadian a system for purchasing merchandise, such as cars or furniture, in which the buyer takes possession of the merchandise on payment of a deposit and completes the purchase by paying a series of regular instalments while the seller retains ownership until the final instalment is paidAlso called (in Britain and certain other countries): hire-purchase
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012